Seattle-based cryptocurrency exchange Bittrex has announced that it will close down its operations in the US. The exchange’s CEO, Richie Lai, cited an uncertain regulatory environment as the reason behind the move. In a statement, the exchange noted that clients should withdraw their funds by April 30, while trading will continue until April 14. Bittrex Global, which caters to clients outside of the US, will continue to operate.
The exchange, which was founded in 2013, is the 71st largest digital asset exchange, with a 24-hour trading volume of just $11.7 million.
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Tough Regulatory Crackdown
Bittrex’s decision to wind down its US operations comes amid a wider regulatory crackdown on the crypto industry in the country. The Securities and Exchange Commission has recently imposed fines on a number of crypto companies, including Kraken.
The agency has also issued a Wells Notice to Coinbase, signalling a possible enforcement action against the company. Meanwhile, the Commodity Futures Trading Commission has sued Binance for allegedly violating trading and derivatives rules. Last year, Bittrex paid $29 million to settle enforcement cases with US authorities for “apparent violations” of sanctions against countries such as Iran, Cuba and Syria.
